As filed with the Securities and Exchange Commission on October 5, 2016

Registration No. 333-191106         

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Post-Effective Amendment No. 10

to

Form S-11

REGISTRATION STATEMENT

With copies to:

Judith D. Fryer, Esq.

Alice L. Connaughton, Esq.

Greenberg Traurig, LLP

200 Park Avenue

New York, New York 10166

(212) 801-9200

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Approximate date of commencement of proposed sale to the public: as soon as practicable after this registration statement becomes effective.

If any of the Securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box:  ☑

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐

If delivery of the prospectus is expected to be made pursuant to Rule 434, check the following box.  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

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This Post-Effective Amendment No. 10 consists of:

Hines Global REIT II, Inc.

Sticker Supplement No. 4

This Sticker Supplement No. 4, dated October 5, 2016, to our prospectus dated August 2, 2016 (the “Prospectus”), supplements and/or updates information in the “Prospectus Summary,” “Risk Factors,” “Management Compensation, Expense Reimbursement and Operating Partnership OP Units and Special OP Units,” “Our Real Estate Investments,” “Security Ownership of Certain Beneficial Owners and Management,” “Selected Financial Data,” “Experts,” “Incorporation by Reference,” and “Index to Financial Statements” sections of our Prospectus as well as Appendix C to our Prospectus. This Sticker Supplement No. 4 supplements, modifies or supersedes certain information in our Prospectus and must be read in conjunction with our Prospectus.

Hines Global REIT II, Inc.

Supplement No. 4 dated October 5, 2016

To the Prospectus dated August 2, 2016

This prospectus supplement (this “Supplement”) is part of and should be read in conjunction with the prospectus of Hines Global REIT II, Inc., dated August 2, 2016 (the “Prospectus”). This Supplement supersedes and replaces all prior supplements to the Prospectus. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

TABLE OF CONTENTS

A. Status of Our Current Public Offering

As of September 26, 2016 , we had received gross proceeds of approximately $151.1 million through the sale of 15.2 million Class A Shares and $61.4 million through the sale of 6.5 million Class T Shares to the public in connection with the Offering, including $3.9 million and $565,204 of Class A Shares and Class T Shares, respectively, issued under our distribution reinvestment plan. As of September 26, 2016 , approximately $1,792.0 million of our common shares remained available for sale pursuant to our current public offering in any combination of Class A Shares or Class T Shares, exclusive of approximately $495.5 million of shares available under our distribution reinvestment plan.

B. Distributions Declared

The following information updates, supplements and should be read in conjunction with the “Prospectus Summary— Description of Capital Stock— Distribution Objectives,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition, Liquidity and Capital Resources— Cash Flows from Financing Activities— Distributions” and “Description of Capital Stock— Distribution Objectives” sections beginning on pages 30, 182 and 199 of the Prospectus, respectively.

With the authorization of our board of directors, we declared distributions with respect to Class A Shares of our common stock for the period from October 1, 2014 through October 31, 2016 . For the period from October 1, 2014 through April 30, 2016, distributions for Class A Shares were calculated based on stockholders of record each day in an amount equal to $0.001575342 per share, per day. The distribution rate per share, per day was increased effective May 1, 2016. As a result,

with respect to the period from May 1, 2016 through October 31, 2016 , distributions for Class A Shares were or will be calculated based on stockholders of record each day in an amount equal to $0.001594766 per share, per day.

Also, with the authorization of our board of directors, we declared distributions with respect to Class T Shares of our common stock for the period from August 24, 2015 through October 31, 2016 . For the period from August 24, 2015 through April 30, 2016, distributions for Class T Shares were calculated based on stockholders of record each day in an amount equal to $0.001575342 per share, per day less the distribution and stockholder servicing fees that were payable with respect to such Class T Shares (as calculated on a daily basis). The distribution rate per share, per day was increased effective May 1, 2016. As a result, with respect to the period from May 1, 2016 through October 31, 2016 , distributions for Class T Shares were or will be calculated based on stockholders of record each day in an amount equal to $0.001594766 per share, per day less the distribution and stockholder servicing fees that are payable with respect to such Class T Shares (as calculated on a daily basis).

All distributions were or will be paid in cash or reinvested in shares of our common stock for those participating in our distribution reinvestment plan and have been or will be paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to the distribution reinvestment plan have been or will be reinvested in shares of the same class as the shares on which the distributions are being made.

We expect to continue paying regular distributions on a monthly basis unless our results of operations, our general financial condition, general economic conditions or other factors inhibit us from doing so. The timing and amount of distributions will be determined by our board of directors, in its discretion, and may vary from time to time. Distributions will be made on all classes of our common stock at the same time. Distributions paid with respect to Class A Shares will be higher than those paid with respect to Class T Shares because distributions paid with respect to Class T Shares, including those issued pursuant to the distribution reinvestment plan, will be reduced by the payment of the distribution and stockholder servicing fees. All Class T Shares will receive the same per share distribution. As described above, we expect the estimated net asset value per share of each Class A Share and Class T Share to be the same, except in the unlikely event that the distribution and stockholder servicing fees exceed the amount otherwise available for distribution to holders of Class T Shares in a particular period (prior to the deduction of the distribution and stockholder servicing fees), in which case the excess will be accrued as a reduction to the estimated net asset value per share of each Class T Share, which would result in the net asset value and distributions upon liquidation with respect to Class T Shares being lower than the net asset value and distributions upon liquidation with respect to Class A Shares.

We have not generated sufficient cash flows from operations to fully fund distributions paid. Therefore some or all of our distributions have been and may continue to be paid from other sources, such as proceeds from our debt financings, proceeds from this Offering, cash advances by our Advisor, cash resulting from a waiver or deferral of fees and/or proceeds from the sale of assets. We have not placed a cap on the amount of our distributions that may be paid from any of these sources. For the year ended December 31, 2015 and for the six months ended June 30, 2016, we funded 23% and 44%, respectively, of total distributions with cash flows from financing activities, which included offering proceeds.

Commencing with the quarter ended December 31, 2014 , our Advisor agreed to waive the asset management fees for each quarter through December 31, 2016 , to the extent that our modified funds from operations (“MFFO”), for a particular quarter amounts to less than 100% of the aggregate distributions declared to our stockholders for such quarter. Our Advisor also agreed to waive an additional $62,500 in asset management fees so that our MFFO for the year ended December 31, 2015 would equal our distributions declared for such year. As a result of these waivers, our Advisor waived all of the $363,873 and $376,550 in asset management fees payable to it during the three months ended March 31, 2016 and June 30, 2016, respectively, $583,433 of the total $888,109 in asset management fees payable to it during the year ended December 31, 2015 and all of the $16,258 asset management fee payable to it during the year ended December 31, 2014. In addition, as a result of these waivers, cash flows from operations that would have been paid to our Advisor for asset management fees may be available to pay distributions to stockholders. These fee waivers are not deferrals and accordingly, these fees will not be paid to our Advisor in cash at any time in the future.

The following table outlines our total distributions declared to stockholders and noncontrolling interests (HALP II) for each of the quarters during 2016 and 2015, including the breakout between the distributions declared in cash and those reinvested pursuant to our distribution reinvestment plan.

From inception through June 30, 2016, we declared $7.0 million of cash distributions to our stockholders (including those reinvested in shares pursuant to our distribution reinvestment plan), compared to our total aggregate FFO loss of $376,781 and our total aggregate net loss of $9.2 million for that period. During our offering and investment stages, we incur acquisition fees and expenses in connection with our real estate investments, which are recorded as reductions to net income (loss) and FFO. From inception through June 30, 2016, we incurred acquisition fees and expenses totaling $7.7 million. For the six months ended June 30, 2016, we declared $4.0 million of cash distributions to our stockholders (including those reinvested in shares pursuant to our distribution reinvestment plan), compared to our total aggregate FFO of $2.1 million and our total aggregate net loss of $2.2 million for that period. For the six months ended June 30, 2015, we declared $717,057 of cash distributions to our stockholders (including those reinvested in shares pursuant to our distribution reinvestment plan), compared to our total aggregate FFO loss of $3.8 million and our total aggregate net loss of $5.7 million for that period.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources” in the Prospectus, as supplemented by Section J of this Supplement, for additional information regarding our distributions and FFO.

C. Waiver of Asset Management Fee

The following information updates and supplements the disclosure under the caption “Asset Management Fee—our Advisor” in the “Prospectus Summary—Management Compensation, Expense Reimbursements and Operating Partnership OP Units and Special OP Units” section beginning on page 18 of the Prospectus and the related disclosure throughout the Prospectus:

We have agreed to pay a monthly asset management fee to our Advisor, and since the quarter ended December 31, 2014, our Advisor has agreed to waive the asset management fees for each quarter through December 31, 2016, to the extent that our MFFO, for a particular quarter, as disclosed in our Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounts to less than 100% of the aggregate distributions declared to our stockholders for such quarter. Our Advisor also agreed to waive an additional $62,500 in asset management fees so that our MFFO for the year ended December 31, 2015 would equal our distributions declared for such year. As a result of these waivers, our Advisor waived all of the $363,873 and $376,550 in asset management fees payable to it during the three months ended March 31, 2016 and June 30, 2016, respectively, $583,433 of the total $888,109 in asset management fees payable to it during the year ended December 31, 2015 and all of the $16,258 asset management fee payable to it during the year ended December 31, 2014. There can be no assurances that our Advisor will continue this waiver, and if not, cash available to pay distributions in future periods may be reduced.

D. Amendments to our Distribution Reinvestment Plan and Share Redemption Program

The following disclosure updates the disclosure throughout the Prospectus concerning our distribution reinvestment plan and our share redemption program, including disclosure in the “Prospectus Summary — Description of Capital Stock,” “Description of Capital Stock — Share Redemption Program” and “Description of Capital Stock — Distribution Reinvestment Plan” sections of the Prospectus.

Distribution Reinvestment Plan

On September 15, 2016, our board of directors approved and adopted the Fifth Amended and Restated Distribution Reinvestment Plan, or the Amended DRP. We amended the price at which additional shares of the same class may be purchased pursuant to the distribution reinvestment plan to a price equal to the estimated per share NAV of the Class A Shares and the Class T shares, respectively, most recently disclosed by us in a public filing with the SEC. The Amended DRP will supersede and replace our current distribution reinvestment plan, effective as of October 31, 2016. In April 2016, we disclosed that our board of directors had unanimously approved an estimated per share NAV of our common stock of $9.03, based on the number of shares issued and outstanding as of February 29, 2016. We anticipate that we will next disclose an estimated per share NAV by April 2017. Therefore, until we disclose a new estimated per share NAV, the new offering price under the Amended DRP for both Class A Shares and Class T Shares will be $9.03 per share. Accordingly, since the Amended DRP takes effect on October 31, 2016, the new offering price under the Amended DRP will first be applied to distributions declared for the month of October 2016, which will be reinvested on November 1, 2016 and distributions declared for September 2016 will be reinvested at the current distribution reinvestment plan prices of $9.46 per Class A Share and $9.08 per Class T Share, respectively.

Share Redemption Program

Additionally, on September 15, 2016, our board of directors approved and adopted the Amended and Restated Share Redemption Program, or the Amended SRP, which will take effect on October 31, 2016. The Amended SRP will continue to provide eligible stockholders with limited, interim liquidity by enabling them to present for redemption all or a portion of their Class A Shares or Class T Shares and was amended solely to reflect new redemption pricing effective as of October 31, 2016. Subject to the limitations of the Amended SRP and the special pricing applicable to redemptions in connection with the death or disability of a stockholder, shares redeemed under the Amended SRP will be redeemed at a price equal to the estimated per share NAV applicable to the class of shares being redeemed and most recently disclosed by us in a public filing with the SEC. Shares that are redeemed in connection with the death or disability of a stockholder will be redeemed at a price equal to the price paid to acquire such shares from us; provided, that, the redemption price cannot exceed the then-current offering price and, as described below, the redemption price will be reduced as necessary to be equal to then-current offering price for such class of shares.

During the period of any public offering, the redemption price per share that a stockholder will be eligible to receive under the Amended SRP will be equal to or less than the price of the share offered in the relevant offering. If we are engaged in a public offering and the redemption price calculated in accordance with the terms of the Amended SRP would result in a price that is higher than the then-current public offering price of our common shares, then the redemption price, including the redemption price for death and disability redemptions, will be reduced and will be equal to the then-current public offering price of such class of common stock. As described above, we disclosed an estimated per share NAV of our common stock of $9.03 in April 2016. Therefore, until we disclose a new estimated per share NAV (which we anticipate will happen by April 2017), the new redemption price under the Amended SRP for both Class A Shares and Class T Shares will be $9.03 per share. Accordingly, since the Amended SRP takes effect on October 31, 2016, the new redemption price of $9.03 per share will first be applied with respect to shares tendered for redemption during October 2016, excluding any shares tendered for redemption in connection with the death or disability of a stockholder. Any shares tendered for redemption in connection with the death or disability of a stockholder will continue to be redeemed at a price equal to the price paid to acquire such shares from us, subject to the limitations noted above. Any shares tendered for redemption during September 2016 that are redeemed by us will be redeemed in accordance with the pricing and terms of our current share redemption program.

Our board of directors, in its sole discretion, may determine at any time to modify the Amended SRP to redeem shares at a price that is higher or lower than the then current redemption price, which may result in a new redemption price that is higher or lower than the price paid for the shares by the redeeming stockholder. In addition, as was the case before the share redemption program was amended, there are limitations on stockholders’ ability to have their shares of our common stock redeemed pursuant to the Amended SRP. For a stockholder’s shares to be eligible for redemption in a given month, we must receive a written notice from the stockholder or from an authorized representative of the stockholder at least five business days before the end of the applicable month. If our board of directors determines to materially amend, suspend or terminate the Amended SRP, we will provide stockholders with 30 days’ prior notice. Any notice of the material amendment, suspension or termination of the Amended SRP will be provided by us in a Current Report on Form 8-K filed with the SEC.

Any estimated per share NAV approved by our board of directors in the future may be higher or lower than the most recently disclosed estimated per share NAV of $9.03, which would cause the offering price under the Amended DRP and the redemption price under the Amended SRP to increase or decrease accordingly. The prices under the Amended DRP and the Amended SRP, as well as the estimated per share NAV are not a representation, warranty or guarantee that (i) a stockholder would be able to realize such per share amounts if such stockholder attempts to sell his or her shares; (ii) a stockholder would ultimately realize distributions per share equal to such per share amounts upon our liquidation or sale; (iii) shares of our common stock would trade at such per share amounts on a national securities exchange; or (iv) a third party would offer such per share amounts in an arm’s-length transaction to purchase all or substantially all of our shares of common stock.

As of October 3, 2016 , we had received eligible requests for redemptions related to 47,489 shares of our common stock, all of which have been redeemed using proceeds from our own distribution reinvestment plan at an average price of $9.48 per share, or an aggregate amount of $450,427 .

E. Update to the Risk Factors Section

The seventh and tenth risk factors under the caption “Risks Related to Investing in this Offering” beginning on page 38 of the Prospectus are hereby deleted in their entirety and replaced with the following:

We have and may continue to pay distributions from sources other than our cash flow from operations, including advances, deferrals or waivers of fees from our Advisor or affiliates, borrowings and/or proceeds of this offering. We have not placed a cap on the amount of our distributions that may be paid from any of these sources. The use of sources other than our cash flow from operations to fund distributions could adversely impact our ability to pay distributions in future periods, decrease the amount of cash we have available for operations and new investments and/or potentially impact the value or result in dilution of your investment.

In our initial quarters of operations, and from time to time thereafter, our cash flow from operations may be insufficient to fund distributions to stockholders. Our organizational documents permit us to make distributions from any source and we may choose to pay distributions when we do not have sufficient cash flow from operations to fund such distributions. We may choose to use advances, deferrals or waivers of fees, if available, from our Advisor or affiliates, borrowings and/or proceeds of this offering or other sources to fund distributions to you. For example, we funded 44% of total distributions for the six months ended June 30, 2016 and 23% of total distributions for 2015 with cash flows from financing activities which includes offering proceeds. In addition, our Advisor agreed to waive the asset management fee otherwise payable to it pursuant to our Advisory Agreement for the fourth quarter of 2014 and for each of the quarters in 2015 and 2016, to the extent that our MFFO for each respective quarter, as disclosed in our Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounts to less than 100% of the aggregate distributions declared for such quarter. Pursuant to this waiver agreement, our Advisor waived $740,423, $583,433 and $16,258 in asset management fees payable to it during the six months ended June 30, 2016 and the years ended December 31, 2015 and December 31, 2014, respectively. We have not placed a cap on the amount of our distributions that may be paid from sources other than cash flows from operations, including proceeds from our debt financings, proceeds from our public offerings, cash advances by our Advisor and cash resulting from a waiver or deferral of fees. However, our Advisor and affiliates are under no obligation to advance funds to us or to defer or, subsequent to the fourth quarter of 2016, to continue to waive fees in order to support our distributions. When we pay distributions in excess of earnings and we use cash flows from financing activities, including offering proceeds and borrowings, to fund distributions, then we have less funds available for operations and for acquiring properties and other investments, which could adversely impact our ability to pay distributions in future periods, may reduce your overall return and may result in the dilution of your investment. In addition, our Advisor or its affiliates could choose to receive shares of our common stock or interests in the Operating Partnership in lieu of cash or deferred fees or the repayment of advances to which they are entitled, and the issuance of such securities may dilute your interest in us. Furthermore, to the extent distributions exceed cash flow from operations, a stockholder’s basis in our stock will be reduced and, to the extent distributions exceed a stockholder’s basis, the stockholder may recognize capital gain.

The actual value of shares that we redeem under our share redemption program may be substantially less than what we pay.

Under our share redemption program, commencing on October 31, 2016, shares may be repurchased at a price equal to the estimated per share NAV applicable to the class of shares being redeemed and most recently announced by us in a public filing with the SEC as of the applicable date of the redemption. However, if the redemptions are sought upon a stockholder’s death or disability, shares will be redeemed at a price equal to the price paid to acquire such shares from us; provided that, the redemption price cannot exceed the then-current offering price, in which case, the redemption price will be reduced as

necessary to equal the then-current offering price for such class of shares being redeemed. The estimated per share NAV and the price paid to acquire shares from us may not accurately represent the current value of our assets per share of our common stock at any particular time and may be higher or lower than the actual value of our assets per share at such time. Accordingly, we may redeem share at prices that are higher than the actual value of our shares, which would be dilutive to our remaining stockholders.

G. Update to the Our Real Estate Investments Section

The section titled “Our Real Estate Investments” beginning on page 129 of the Prospectus is hereby deleted and replaced in its entirety with the following:

As of October 1, 2016 , we owned interests in five real estate investments: 2819 Loker Avenue East, an industrial property located in Carlsbad, California, Bishop’s Square, an office building located in Dublin, Ireland, the Domain

Apartments, a multi-family community located near Las Vegas in Henderson, Nevada, Cottonwood Corporate Center, an office project located near Salt Lake City in Cottonwood Heights, Utah and Goodyear Crossing II, an industrial warehouse located near Phoenix in Goodyear, Arizona.

Investment Type

Our portfolio is comprised of investments in a variety of real estate asset classes, including office, industrial and multi-family properties. The following chart depicts the percentage of our portfolio’s investment types based on our pro-rata share of the estimated value of each of our investments as of June 30, 2016 and includes the effect of our acquisition of Cottonwood Corporate Center in July 2016 and Goodyear Crossing II in August 2016. The estimated values of our real estate property investments were based on the most recent appraised values of our real estate values except for Cottonwood Corporate Center and Goodyear Crossing II which were based on their net purchase prices.

Market Concentration

The following chart depicts the location of our real estate investments as of June 30, 2016 and includes the effect of our acquisition of Cottonwood Corporate Center in July 2016 and Goodyear Crossing II in August 2016. Approximately 71% of our portfolio is located throughout the United States and approximately 29% is located internationally (based on our pro rata share of the estimated value of each of the investments). The estimated values of our real estate property investments were based on the most recent appraised values of our real estate except for Cottonwood Corporate Center and Goodyear Crossing II which were based on their net purchase prices.

Industry Concentration

The following table provides a summary of the industry concentration of the tenants in our four commercial properties based on their leased square footage as of June 30, 2016 (or July 5, 2016 as it relates to Cottonwood Corporate Center and August 18, 2016 as it relates to Goodyear Crossing II):

Set forth below is additional information regarding our acquisitions.

2819 Loker Avenue East

On December 17, 2014, we acquired, through a subsidiary of the Operating Partnership, 2819 Loker Avenue East, an industrial building located in Carlsbad, California. The seller, Canoga-Rincon Loker Industrial, LLC is not affiliated with us or our affiliates.

2819 Loker Avenue East was constructed in 1998 and consists of 161,310 square feet of net rentable area that is 100% leased to the Acushnet Company, the parent company of Titleist, FootJoy, BV-Vokey Design, Scotty Cameron, Pinnacle, and the Titleist Performance Institute, under a lease that expires in July 2019.

The net purchase price for 2819 Loker Avenue East was approximately $25.4 million, exclusive of transaction costs and working capital reserves. We funded the acquisition using proceeds from this offering and a credit facility provided by Hines (described below under “Our Permanent Debt”).

The estimated going-in capitalization rate for 2819 Loker Avenue East is approximately 6.5%. The estimated going-in capitalization rate is determined by dividing the projected property revenues in excess of expenses for the first fiscal year by the net purchase price (excluding closing costs and taxes). Property revenues in excess of expenses includes all projected operating revenues (rental income, tenant reimbursements, parking and any other property-related income) less all projected operating expenses (property operating and maintenance expenses, property taxes, insurance and property management fees). The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual future performance of the property, including the assumption that the current tenant will perform under its lease agreement during the next 12 months.

In connection with this acquisition, we paid our Advisor approximately $570,000 in acquisition fees.

Our management currently has no plans for material renovations or other capital improvements to the property and believes 2819 Loker Avenue East is suitable for its intended purpose and adequately covered by insurance. The cost of 2819 Loker Avenue East (excluding the cost attributable to land) will be depreciated for tax purposes over a 40-year period on a straight-line basis.

The following table shows the weighted average occupancy rate, expressed as a percentage of rentable square feet, and the average effective annual net rent per leased square foot, for 2819 Loker Avenue East during the past five years ended December 31:

The following table lists, on an aggregate basis, the approximate leasable square feet for all of the scheduled lease expirations for the period from July 1, 2016 through December 31, 2016 and for each of the years ending December 31, 2017 through December 31, 2025 for 2819 Loker Avenue East:

Bishop’s Square

On March 3, 2015, we acquired, through a sub sidiary of the Operating Partnership, Bishop’s Square, a Class A office building located in Dublin, Ireland. The seller, Violet Yarrow Real Estate (Dublin) Limited, is not affiliated with us or our affiliates. The building consists of 153,569 square feet of net rentable area that is 100% leased to five tenants. Three of these tenants individually lease more than 10% of the net rentable area of the complex, as described below:

The net purchase price for Bishop’s Square was €92.0 million (approximately $103.2 million assuming a rate of $1.12 per EUR as of the acquisition date), exclusive of transaction costs, fees and working capital reserves. We funded the acquisition using proceeds from this offering, an advance under our credit facility with Hines, and a €55.2 million (approximately $62.1 million assuming a rate of $1.12 per EUR as of the transaction date) secured facility agreement (both of which are described below under “Our Permanent Debt”).

The estimated going-in capitalization rate for Bishop’s Square is approximately 6.1%. The estimated going-in capitalization rate is determined by dividing the projected property revenues in excess of expenses for the first fiscal year by the net purchase price (excluding closing costs and taxes). Property revenues in excess of expenses includes all projected operating revenues (rental income, tenant reimbursements, parking and any other property-related income) less all projected operating expenses (property operating and maintenance expenses, property taxes, insurance and property management fees). The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual future performance of the property, including the assumption that the current tenants will perform under their lease agreements during the next 12 months.

In connection with this acquisition, we paid our Advisor approximately $2.3 million in acquisition fees.

Our management currently has no plans for material renovations or other capital improvements to the property and believes the property is suitable for its intended purpose and adequately covered by insurance. The cost of Bishop’s Square (excluding the cost attributable to land) will be depreciated for tax purposes over a 40-year period on a straight-line basis.

The following table shows the weighted average occupancy rate, expressed as a percentage of net rentable square feet, and the average effective annual net rent per leased square foot, for Bishop’s Square during the past five years ended December 31:

The following table lists, on an aggregate basis, the approximate leasable square feet for all of the scheduled lease expirations for the period from July 1, 2016 through December 31, 2016 and for each of the years ending December 31, 2017 through December 31, 2025 and the period thereafter for Bishop’s Square:

Domain Apartments

On January 29, 2016, we acquired, through a wholly-owned subsidiary of our Operating Partnership, the Domain Apartments. The Domain Apartments is a multi-family community located near Las Vegas in Henderson, Nevada. The net purchase price for the Domain Apartments was $58.1 million, exclusive of transaction costs and working capital reserves. As of June 30, 2016 , the multi-family community that consists of 331,038 square feet of net rentable area was 98% leased with an average effective monthly rental rate of $1,265 per unit.

For the years ended December 31, 2015 and 2014, the average effective monthly rental rate was $1,231 and $1,187 per unit, respectively, and the weighted average occupancy was 95% and 54%, respectively. Average effective monthly rental rate per unit is calculated as the monthly contractual base rent excluding charges for storage, parking, pets and other miscellaneous amounts, net of free rent, divided by the average units leased. The average effective monthly rental rate per unit and the

weighted average occupancy for the year ended December 31, 2014 may not be indicative of the rent and occupancy in the periods post-stabilization since the community did not reach stabilization until November 2014.

The estimated going-in capitalization rate for the Domain Apartments is approximately 5.5%. The estimated going-in capitalization rate is determined by dividing the projected property revenues in excess of expenses for the first fiscal year by the net purchase price (excluding closing costs and taxes). Property revenues in excess of expenses include all projected operating revenues (rental income, tenant reimbursements, parking and any other property-related income) less all projected operating expenses (property operating and maintenance expenses, property taxes, insurance and property management fees). The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual future performance of the property, including the assumption that the current tenants will perform under their lease agreements during the next 12 months and assumptions related to leasing vacant space.

In connection with this acquisition, we paid our Advisor approximately $1.3 million in acquisition fees.

Our management currently has no plans for material renovations or other capital improvements to the property and believes the property is suitable for its intended purpose and adequately covered by insurance. The cost of the Domain Apartments (excluding the cost attributable to land) will be depreciated for tax purposes over a 40-year period on a straight-line basis.

Cottonwood Corporate Center

On July 5, 2016, we, through a wholly-owned subsidiary of our Operating Partnership, acquired Cottonwood Corporate Center. Cottonwood Corporate Center is a four-building, Class-A office project located in Cottonwood Heights, Utah, a submarket of Salt Lake City, Utah. The net purchase price for Cottonwood Corporate Center was $139.2 million, exclusive of transaction costs and working capital reserves. We funded the acquisition using proceeds from this offering, an advance under our credit facility with Hines, and a $78.0 million loan (described below under “Our Permanent Debt”). Cottonwood Corporate Center consists of 490,030 square feet of net rentable area that was 93% leased to 25 tenants as of the date of acquisition. Two of these tenants, Western Digital, formerly known as SanDisk, and Extra Space Storage, individually lease more than 10% of the rentable area of the project.

The estimated going-in capitalization rate for Cottonwood Corporate Center is approximately 6.9%. The estimated going-in capitalization rate is determined by dividing the projected property revenues in excess of expenses for the first fiscal year by the net purchase price (excluding closing costs and taxes). Property revenues in excess of expenses includes all projected operating revenues (rental income, tenant reimbursements, parking and any other property-related income) less all projected operating expenses (property operating and maintenance expenses, property taxes, insurance and property management fees). The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual future performance of the property, including the assumption that the current tenants will perform under their lease agreements during the next 12 months and assumptions related to leasing vacant space.

In connection with this acquisition, we expect to pay our Advisor approximately $3.1 million in acquisition fees.

Our management currently has no plans for material renovations or other capital improvements at the property and believes the property is suitable for its intended purpose and adequately covered by insurance. The cost of Cottonwood Corporate Center (excluding the cost attributable to land) will be depreciated for tax purposes over a 40-year period on a straight-line basis.

The following table shows the weighted average occupancy rate, expressed as a percentage of net rentable square feet, and the average effective annual net rent per leased square foot, for Cottonwood Corporate Center during the past five years ended December 31:

The following table lists, on an aggregate basis, the approximate leasable square feet for all of the scheduled lease expirations for the period from July 5, 2016 through December 31, 2016, for each of the years ending December 31, 2017 through December 31, 2025 and the period thereafter for Cottonwood Corporate Center:

Goodyear Crossing II

On August 18, 2016, we, through a wholly-owned subsidiary of our Operating Partnership, acquired Goodyear Crossing II. Goodyear Crossing II is a Class-A industrial warehouse located in Goodyear, Arizona, a submarket of Phoenix, Arizona. The contract purchase price for Goodyear Crossing II was $56.2 million, exclusive of transaction costs and working capital reserves. We funded the acquisition using proceeds from this offering, an advance under our credit facility with Hines, and a $29.0 million loan (described below under “Our Permanent Debt”). Goodyear Crossing II consists of 820,384 square feet of net rentable area that is 100% leased to Amazon.com, under a lease that expires in September 2019.

The estimated going-in capitalization rate for Goodyear Crossing II is approximately 8.5%. The estimated going-in capitalization rate is determined by dividing the projected property revenues in excess of expenses for the first fiscal year by the net purchase price (excluding closing costs and taxes). Property revenues in excess of expenses includes all projected operating revenues (rental income, tenant reimbursements, parking and any other property-related income) less all projected operating expenses (property operating and maintenance expenses, property taxes, insurance and property management fees). The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual future performance of the property, including the assumption that the current tenant will perform under its lease agreement during the next 12 months.

In connection with this acquisition, we expect to pay our Advisor approximately $1.3 million in acquisition fees.

Our management currently has no plans for material renovations or other capital improvements at the property and believes the property is suitable for its intended purpose and adequately covered by insurance. The cost of Goodyear Crossing II (excluding the cost attributable to land) will be depreciated for tax purposes over a 40-year period on a straight-line basis.

The following table shows the weighted average occupancy rate, expressed as a percentage of net rentable square feet, and the average effective annual net rent per leased square foot, for Goodyear Crossing II during the past five years ended December 31:

The following table lists, on an aggregate basis, the approximate leasable square feet for the scheduled lease expiration for the period from August 18, 2016 through December 31, 2016, for each of the years ending December 31, 2017 through December 31, 2025 and the period thereafter for Goodyear Crossing II:

Our Permanent Debt

Hines Credit Facility

On December 15, 2014, the Operating Partnership entered into a credit facility with Hines (the “Hines Credit Facility”) with a maximum principal amount of $75.0 million. Interest on each advance is charged monthly at a variable rate, which is the greater of (i) Hines’ then-current borrowing rate under its revolving credit facility and (ii) if we enter into a revolving credit facility through the Operating Partnership, the rate under such facility. Each advance under the Hines Credit Facility must be repaid within six months, subject to one six-month extension at our option and subject to the satisfaction of certain conditions. The Hines Credit Facility will terminate on the earlier of (a) the termination of the availability period as determined by Hines at its discretion (which will not impact the maturity date of any outstanding or previously approved advance under the loan agreement); (b) December 15, 2016; and (c) the date Hines accelerates the repayment of the loan agreement pursuant to any event of default. As of October 1, 2016 , we did not have a balance outstanding under the Hines Credit Facility.

Notwithstanding that each advance under the Hines Credit Facility matures six months after it is made, we are required to repay each advance with proceeds from this offering as such proceeds are raised, unless we, through the Operating Partnership, enter into a revolving credit facility, which we refer to as the OP Facility, at which point we may use our offering proceeds to repay the OP Facility, if any, prior to repaying any advances under the Hines Credit Facility. The loan agreement also permits voluntary prepayment of principal and accrued interest.

The Hines Credit Facility requires the maintenance of certain financial covenants including covenants concerning indebtedness to total asset value. In addition, the Hines Credit Facility contains customary affirmative and negative covenants, which, among other things, prohibit us from: (i) merging with other companies or changing ownership interest; (ii) selling all or substantially all of our assets or properties; and (iii) if in default under the Hines Credit Facility, paying distributions to our stockholders other than as required to maintain our status as a real estate investment trust. The Hines Credit Facility also requires us to deliver to Hines certain quarterly and annual financial information.

The Hines Credit Facility contains various customary events of default. As is customary in such financings, if an event of default occurs under the Hines Credit Facility, Hines may accelerate the repayment of amounts outstanding under the Hines Credit Facility and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period.

Bishop’s Square Facility

On March 3, 2015, we, through a wholly-owned subsidiary of the Operating Partnership, entered into a secured facility agreement (the “Bishop’s Square Facility”) with DekaBank Deutsche Girozentrale (“DekaBank”) totaling €55.2 million (approximately $62.1 million assuming a rate of $1.12 per EUR as of the transaction date) to fund the acquisition of Bishop’s Square, including associated costs. DekaBank is not affiliated with us or our affiliates. The Bishop’s Square Facility is secured by a mortgage and related security interests in Bishop’s Square and is non-recourse with respect to us. The Bishop’s Square Facility also includes assignments of rent, leases and permits for the benefit of DekaBank.

The Bishop’s Square Facility requires quarterly interest payments beginning in July 2015 and repayment of principal upon the maturity of the Bishop’s Square Facility on March 2, 2022. The Bishop’s Square Facility has a floating interest rate of EURIBOR plus 1.30%. The Bishop’s Square Facility may be repaid in full prior to maturity, subject to a prepayment premium if it is repaid in the first three years. In accordance with the terms of the Bishop’s Square Facility, we entered into a €55.2 million (approximately $62.1 million assuming a rate of $1.12 per EUR as of the transaction date) three-year interest rate cap at 2% to limit exposure to interest rate fluctuations.

The Bishop’s Square Facility contains customary events of default with corresponding grace periods, including, without limitation, payment defaults, cross-defaults to other agreements and bankruptcy-related defaults, customary financial covenants regarding the debt service coverage ratio, sale of assets, failure to maintain insurance on Bishop’s Square and the failure of certain representations and warranties in the Bishop’s Square Facility to be true and correct in all material respects, and customary covenants, including limitation on the incurrence of debt and granting liens. If an event of default has not been cured and is continuing, DekaBank may declare that the principal and any unpaid interest are immediately due and payable.

Domain Apartments Facility

On January 29, 2016, we, through a wholly-owned subsidiary of the Operating Partnership, entered into a loan agreement with Wells Fargo Bank, National Association, which we refer to as Wells Fargo, with the principal sum of $34.3 million to fund the acquisition of the Domain Apartments. Wells Fargo is not affiliated with us or our affiliates.

Interest accrued on the loan is due and payable on the first business day of each month commencing in February 2016. The loan has a floating interest rate of Libor + 1.60%. Repayment of principal is due upon the maturity of the loan on January 29, 2020. We have the option to extend the term for an additional year subject to the satisfaction of certain conditions.

The loan may be prepaid at any time on or after July 29, 2017, subject to certain conditions, including but not limited to providing 30 days’ notice to Wells Fargo.

The loan contains various customary events of default, with corresponding grace periods, including, without limitation, payment defaults and bankruptcy defaults. The loan also contains customary financial and other covenants, including without limitation, covenants regarding the debt service coverage ratio, failure to maintain a property management agreement and other customary covenants which are more fully described therein. Upon the occurrence of any default, Wells Fargo may declare all sums owed under this loan immediately due and payable.

Cottonwood Corporate Center Facility

On July 5, 2016, we, through a wholly-owned subsidiary of the Operating Partnership, entered into a loan agreement with Principal Life Insurance Company, which we refer to as Principal Life, for a principal sum of $78.0 million to fund the acquisition of Cottonwood Corporate Center. Principal Life is not affiliated with us or our affiliates. The loan is secured by a first priority lien on our interest in Cottonwood Corporate Center and assignments of all of its leases and rents and the personal property on the premises of Cottonwood Corporate Center.

The loan requires monthly payments of principal and interest. Principal and interest accrued on the loan are due and payable on the first day of each month commencing in September 2016. The loan has a fixed interest rate per annum equal to 2.98% and matures on August 1, 2023. The loan may be prepaid at any time on or after April 1, 2023, subject to certain conditions, including but not limited to providing 30 days’ advance written notice to Principal Life and, in the event of prepayment of the loan prior to April 1, 2023, the payment of a prepayment penalty.

The loan contains various customary events of default, with corresponding grace periods, including, without limitation, payment defaults and bankruptcy-related defaults. The loan also contains customary financial and other covenants, including, without limitation, covenants regarding the debt service coverage ratio, failure to maintain a property management agreement, limitations on the incurrence of debt and other customary covenants which are more fully described therein. Upon the occurrence of an event of default under the loan, Principal Life may declare all sums owed under the loan immediately due and payable. Our liability under the loan and the related loan documents is limited to our interest in Cottonwood Corporate Center, including its leases and rents and the personal property on its premises.

Goodyear Crossing II Facility

On August 18, 2016, we, through a wholly-owned subsidiary of our Operating Partnership, entered into a loan agreement with SunTrust Bank, which we refer to as SunTrust, for a principal sum of $29.0 million to fund the acquisition of Goodyear Crossing II. SunTrust is not affiliated with us or our affiliates. The loan is secured by a first priority lien on our interest in Goodyear Crossing II and assignments of all of its leases and rents and the personal property on the premises of Goodyear Crossing II.

Interest accrued on the loan is due and payable on the fifth of each month commencing in October 2016. The loan has a floating interest rate of Libor + 2.00%. Repayment of principal is due upon maturity of the loan on the earlier of (i) August 18, 2021, or (ii) the date on which the principal amount of the loan has been declared or automatically has become due and payable. The loan may be prepaid at any time, in whole or in part, without premium or penalty, subject to certain conditions, including but not limited to providing 3 days’ advance written notice to SunTrust.

The loan contains various customary events of default, with corresponding grace periods, including, without limitation, payment defaults and bankruptcy-related defaults. The loan also contains customary financial and other covenants, including, without limitation, covenants regarding the debt service coverage ratio, failure to maintain a property management agreement, limitations on the incurrence of debt and other customary covenants which are more fully described therein. Upon the occurrence of an event of default under the loan, SunTrust may declare all sums owed under the loan immediately due and payable. Our liability under the loan and the related loan documents is limited to our interest in Goodyear Crossing II, including its leases and rents and the personal property on its premises.

H. Update to the Security Ownership of Certain Beneficial Owners and Management Section

The section titled “Security Ownership of Certain Beneficial Owners and Management” beginning on page 142 of the Prospectus is hereby deleted and replaced in its entirety with the following:

The following table shows the number and percentage of our outstanding common shares that were owned as of October 3, 2016 by: